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The Kenya Finance Bill 2024 was a piece of legislation that proposed changes to the tax system of Kenya, [1] which involves tax increases. [2] The proposed bill aims to raise 346 billion Kenyan shillings (KSh) to pay off debt and fund development projects.
The 2024 Finance Bill is the first in a series of tax reforms based on a Medium-Term Revenue Strategy (MTRS) devised and published by the Kenyan government in 2023 through the Ministry of National Treasury and Economic Planning. The MTRS aims to increase the tax-to-GDP ratio in Kenya from 13.5% to at least 20% from 2024 to 2027. [26]
The finance bill containing the tax increases was central to policy reforms agreed by Kenya with the IMF as part of a lending programme worth $3.6 billion. Analysts say its withdrawal a week ago ...
On 25 June 2024, thousands of protesters stormed the Kenyan Parliament Building in Nairobi in response to the passing of the Kenya Finance Bill 2024, part of a larger series of protests against the proposed tax increases. The protest escalated when the protesters set part of the building on fire. [4]
Police opened fire on crowds who massed around parliament on Tuesday and later broke into parliament buildings, minutes after lawmakers had voted through tax hikes seeking to raise an additional ...
NAIROBI (Reuters) -Kenya's government plans to cut 2024-25 spending by 1.9% and widen the fiscal deficit to 3.6% of GDP in a revised budget, the treasury said, weeks after it was forced to roll ...
9 October – Kenya is elected to a seat at the United Nations Human Rights Council for a three-year term beginning in 2025. [ 44 ] 17 October – Following a majority vote by the Senate, Rigathi Gachagua is removed as Vice President after being convicted of five of the 11 charges laid against him during his impeachment.
The Kenyan taxation system covers income tax, value-added tax, customs and excise duty.The regulations are governed by independent legislators that govern the taxation system, the main legislator, the Kenya Revenue Authority (KRA) has different sections that deal with the above taxes while also having the authority to undertake reviews on various companies and corporations.